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SG CapitaLand sells assets in London

Property Here - Monday, July 08, 2013

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Property giant CapitaLand recently announced it has sold three mixed-use developments in London for £46.9 million (S$89.6 million) in cash and the discharge of about £175.3 million (S$ 334.76 million) in debt.

Under joint ownership with Hotel Properties and Genting Singapore, the projects include a commercial building (pictured) at 99-121 Kensington High Street with over 372,000 sq ft in net lettable area (NLA), a residential building at 25 Kensington Square with 3,351 sq ft NLA, and an office building at 1 Derry Street with 32,200 sq ft NLA.

The developments were acquired for £109.4 million (S$208.89 million) in cash and debt through a joint venture (JV) consisting of three listed developers in late 2005.

CapitaLand owns an indirect one-third interest in those properties which were sold to an unrelated third party with the consideration paid in cash on completion, taking into account the aggregate net asset value of the developments at £11.1 million (S$21.4 million).